ISM: Manufacturing contracted in August
Economic activity in the manufacturing sector contracted in August for the third time since July 2009 according to the Institute for Supply Management.
The PMI registered 49.6 percent, a decrease of 0.2 percentage point when compared to July's reading of 49.8 percent.
A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.
The New Orders Index registered 47.1 percent, a decrease of 0.9 percentage point from July, indicating contraction in new orders for the third consecutive month. The Production Index registered 47.2 percent, a decrease of 4.1 percentage points and indicating contraction in production for the first time since May 2009.
"Comments from the panel generally reflect a slowdown in orders and demand, with continuing concern over the uncertain state of global economies," said Bradley J. Holcomb, chair of the Institute for Supply Management Manufacturing Business Survey Committee.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
